Rebuilding its once extensive Chinese network of offices, Citicorp has purchased nearly 5,500 square feet of prime space in the city's historic financial center for $2.2 million from Bund Co. of Shanghai, the bank said in a release.

Kenneth Liu, Citicorp's head of development for the Asia Pacific region, said the location on the ground floor of the Peace Hotel may be converted from a consumer banking office into a branch.

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